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TME FINANCIAL STATEMENTS

Tencent Music Entertainment Group — balance sheet, income statement and cash flow trends

TMETencent Music Entertainment Group

🇺🇸 USA · US · Communication Services · Internet Content & Information

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
010 B20 B30 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue32.5 B CNYGross Profit18.5 B CNY · 57%Operating Income10.6 B CNY · 33%Pre-tax Income10.7 B CNY · 33%Net Income8.5 B CNY · 26%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue32.5 B CNY+12.1%
Gross Profit18.5 B CNY+48.2%
Operating Income10.6 B CNY-8.3%
EBITDA14.9 B CNY+70.7%
Net Income8.5 B CNY-10.2%

Peer Comparison· Internet Content & Information

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
TME12.1%57.0%45.8%26.3%
Industry median8.5%72.4%20.0%9.5%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
050 B100 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets99.5 B
  • Equity74.1 B CNY77%
  • Current Liabilities16.6 B CNY17%
  • Long-term Liabilities6.1 B CNY6%

Key Figures

YoY change
Total Assets99.5 B CNY+1.4%
Total Liabilities22.6 B CNY-1.1%
Total Equity74.1 B CNY+1.1%
Cash & ST Investments26.7 B CNY-0.1%
Total Debt4.8 B CNY-20.6%
Net Debt-13.5 B CNY—

Peer Comparison· Internet Content & Information

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
TME2.096.5%-1.4774.5%
Industry median1.9221.7%-0.0861.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
05 B10 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
05 B10 B10 B CNYOperating-218.8 M CNYInvesting-3.2 B CNYFinancing6.6 B CNYNet Change

Key Figures

YoY change
Operating Cash Flow10 B CNY-1.1%
Capital Expenditures4.7 B CNY+1,366.4%
Free Cash Flow8.9 B CNY-12.4%
Dividends Paid——

Peer Comparison· Internet Content & Information

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
TME30.7%27.3%14.4%117.0%
Industry median27.3%18.6%1.5%111.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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